Bulls are betting on Las Vegas Sands
David Russell | [email protected]
optionMONSTER's Heat Seeker monitoring program detected the purchase of about 28,000 March 55 calls for $2.33. A similar number of March 52.50 calls was sold for $3.95 seconds later, but volume was below open interest in those.
This suggests that the investor had previously owned the 52.50s and closed a long position. He or she then rolled it to the higher strike, collecting a credit of $1.62 in the process. The trader remains exposed to share gains and will continue to profit if the stock climbs in the next six weeks.
LVS is down 3.08 percent to $54.15 in early afternoon trading. The casino operator is up more than 40 percent since the end of July as improvement at its Asian properties offset weakness in the United States.
Total option volume is more than twice the daily average so far today, with calls outnumbering puts by 9 to 1.